Topic: Economy

2010 economic output regains pre-recession levels

Economic output in the United State finally regained pre-recession levels as consumer spending and exports grew in the final quarter of 2010. U.S. gross domestic product (GDP0, a measure of the country’s economic output, jumped 0.6 percent in the fourth quarter, moving from a 2.6 percent annual rate to a 3.2 percent pace. Many economists…

Obama, GOP hunker down for budget battle amid tough economic times

With it being the week President Barack Obama is expected to release his proposed budget for the next fiscal year, the newly-elected Tea Party Republican representatives have begun to make their presence known on the political stage. Last week, the freshman members of Congress called for even larger spending cuts than Republican House members initially…

World Wide Web: Preparing for the next recession

So I saw President Barack Obama give a speech last week. Just another day in the life of a world news editor of an award-winning weekly college newspaper. Obama chose to give his speech in Parma. If you’re from Cleveland, you’ve definitely heard of Parma. It’s the butt of every other joke around here. Even…

Bonuses spark a populist outrage

All too often, the sight of men in expensive suits getting scolded by a congressional committee or being hauled off in handcuffs graces television screens. The most recent in the long line of egregious actions of mismanagement was the distribution of bonuses to executives of AIG from funds they received from the federal bailout package.

Senate debates punitive tax on AIG bonuses

A heated public outcry was the response to the bonuses awarded to top employees at the American International Group. Now, Andrew M. Cuomo, attorney general of New York state, has announced that he persuaded nine of the top ten bonus recipients to give back their money.